nach oben

Erschienen in:

2022 | OriginalPaper | Buchkapitel

3. Sustainable Finance: Frameworks Without Value Equations

verfasst von : Armen V. Papazian

Erschienen in: The Space Value of Money

Verlag: Palgrave Macmillan UK

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Excerpt

It is better to be vaguely right than exactly wrong.

Carveth Read, Logic: Deductive and Inductive, 1898

…

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Finance: A Value Paradigm and Equations Without Space

Nächstes Kapitel The Missing Principle: Space Value of Money

Naturally, this is built upon the dedication and hard work of thousands of individual scientists and activists, public and private charities, non-governmental organisations, think tanks, and research organisations, over the last many decades.

As this book was going to print, GFANZ released its guidance for a Net-zero Transition Plan, seeking inputs from the general public. Unfortunately, it has not been possible to include those plans in this analysis due to time constraints and production schedules.

The FSB-TCFD (Financial Stability Board—Task Force on Climate Related Financial Disclosures) framework, as it is in its name, is primarily focused on climate change and its purpose is ‘to develop voluntary, consistent climate-related financial disclosures that would be useful to investors, lenders, and insurance underwriters in understanding material risks…. its members were selected by the Financial Stability Board and come from various organisations, including large banks, insurance companies, asset managers, pension funds, large non-financial companies, accounting and consulting firms, and credit rating agencies’ (TCFD, 2017, iii).

Emphasis added.

I would like to state clearly that Refinitiv is one example, and other ESG rating providers have similar practices, and their methodologies face similar issues (MSCI, 2020).

Note that I have not requested the glossary and the data points, and the argument here is not about their eventual possible availability. The point of concern here is the fact that the main methodology paper on ESG scores by one of the main ESG score providers does not openly disclose the data points.

Emphases added to denote the layers of aggregation and weights being applied.

For example, under the Environmental Dimension, we have a ‘Packaging’ criterion described with a ‘Packaging Commitment’ question (S&P Global, 2022b, 19).

On the 15th of March 2022, TNFD released its beta framework for consultation. The final recommendations are due to be released in Q3 2023 (TNFD, 2022).

For a recent report on space debris, or space junk please see ESA (2021).

Image Source https://orbitaldebris.jsc.nasa.gov/photo-gallery/_images/highresolution/geo-2019-4096.jpg.

Adams, C. A, Alhamood, A., He, X., Tian, J., Wang, L., Wang, Y. (2021). The double-materiality concept Application and issues. Global Reporting Initiative. https://www.globalreporting.org/media/jrbntbyv/griwhitepaper-publications.pdf. Accessed 02 February 2022.

Agrawal, A., Hockerts, K. (2018). Impact investing: Review and research agenda. Journal of Small Business & Entrepreneurship, 33(2), 153–181. https://www.tandfonline.com/doi/full/10.1080/08276331.2018.155145. Accessed 02 February 2021.

Ainger, J. (2022). Coal is still raising trillions of dollars despite green shift. BNN Bloomberg. https://www-bnnbloomberg-ca.cdn.ampproject.org/c/s/www.bnnbloomberg.ca/coal-is-still-raising-trillions-of-dollars-despite-green-shift-1.1723066.amp.html. Accessed 15 February 2022.

Avramov, D., Cheng, S., Lioui, A., Tarelli, A. (2021). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics. Forthcoming. https://ssrn.com/abstract=3711218, https://doi.org/10.2139/ssrn.3711218. Accessed 02 February 2022.

Bank of England. (2020). Interim Report and Roadmap for implementing the recommendations of the Taskforce on Climate-related Financial Disclosures. https://www.bankofengland.co.uk/news/2020/november/interim-report-and-roadmap-for-implementing-recommendations-of-taskforce-on-climate-related. Accessed 02 February 2021.

Bank of England. (2021). PRA fines Standard Chartered Bank £46,550,000 for failing to be open and cooperative with the PRA. Press Release. Bank of England. https://www.bankofengland.co.uk/news/2021/december/pra-final-notice-to-standard-chartered-bank-dated-20-december-2021. Accessed 02 February 2022.

Barker, R., Eccles, R. G. (2018) Should FASB and IASB be responsible for setting standards for nonfinancial information? University of Oxford. Said Business School. https://www.sbs.ox.ac.uk/sites/default/files/2018-10/Green%20Paper_0.pdf. Accessed 02 February 2021.

Berg, F., Kölbel, J., Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. https://ssrn.com/abstract=3438533. Accessed 02 February 2022.

Bertl, C. (2016). Environmental finance and impact investing: Status quo and future research. ACRN Oxford Journal of Finance and Risk Perspectives, 5(2), 75–105. http://www.acrn-journals.eu/resources/jofrp0502f.pdf. Accessed 02 February 2021.

Bloomberg. (2021). ESG assets may hit $53 trillion by 2025, a third of global AUM. Bloomberg Intelligence. https://www.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/. Accessed 02 February 2022.

Boffo, R., Marshall, C., Patalano, R. (2020). ESG investing: Environmental pillar scoring and reporting. OECD Paris. https://www.oecd.org/finance/esg-investing-environmental-pillar-scoring-and-reporting.pdf. Accessed 02 February 2022.

Boffo, R., Patalano, R. (2020). ESG investing: Practices, progress and challenges. OECD Paris. https://www.oecd.org/finance/ESG-Investing-Practices-Progress-Challenges.pdf. Accessed 02 February 2022.

Bokern, D. (2022). Reported emission footprints: The challenge is real. MSCI Research. https://www.msci.com/www/blog-posts/reported-emission-footprints/03060866159. Accessed 11 March 2022

Bugg-Levine, A., & Emerson, J. (2011). Impact investing. Jossey-Bass.

CBD. (2021). A new global framework for managing nature through 2030. UN Convention on Biological Diversity. https://www.cbd.int/article/draft-1-global-biodiversity-framework. Accessed 02 February 2022.

CCC. (2019). Net Zero: The UK’s contribution to stopping global warming. Climate Change Committee. http://www.theccc.org.uk/wp-content/uploads/2019/05/Net-Zero-The-UKs-contribution-to-stopping-global-warming.pdf. Accessed 12 June 2021.

CDP. (2020). Doubling down: Europe’s low-carbon investment opportunity. CDP Europe. https://cdn.cdp.net/cdp-production/cms/reports/documents/000/004/958/original/Doubling_down_Europe's_low_carbon_investment_opportunity.pdf. Accessed 12 December 2021.

CDP-WWF. (2020). Temperature rating methodology. CDP Worldwide and WWF International. https://cdn.cdp.net/cdp-production/comfy/cms/files/files/000/003/741/original/Temperature_scoring_-_beta_methodology.pdf. Accessed 02 November 2021.

CDSB-SASB. (2019). TCFD implementation guide: Using SASB standards and the CDSB framework to enhance climate-related financial disclosures in mainstream reporting. https://www.sasb.org/wp-content/uploads/2019/08/TCFD-Implementation-Guide.pdf. Accessed 02 February 2021.

CISL. (2019). In search of impact measuring the full value of capital. Cambridge Institute for Sustainability Leadership. https://www.cisl.cam.ac.uk/system/files/documents/in-search-of-impact-report-2019.pdf. Accessed 06 June 2021.

CISL. (2020). Measuring business impacts on nature: A framework to support better stewardship of biodiversity in global supply chains. Cambridge Institute for Sustainability Leadership, Cambridge. https://www.cisl.cam.ac.uk/system/files/documents/measuring-business-impacts-on-nature.pdf. Accessed 02 February 2022.

CISL. (2021a). Understanding the climate performance of investment funds. Part 1: The case for universal disclosure of Paris alignment. Cambridge Institute for Sustainability Leadership. https://www.cisl.cam.ac.uk/system/files/documents/understanding-the-climate-performance-of.pdf. Accessed 02 February 2022.

CISL. (2021b). Understanding the climate performance of investment funds. Part 2: A universal temperature score method. Cambridge Institute for Sustainability Leadership. https://www.cisl.cam.ac.uk/download-understanding-climate-performance-investment-funds-part-2. Accessed 02 February 2022.

Christensen, D., Serafeim, G., & Sikochi, A. (2021). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review., 97, 147–175.CrossRef

CPI. (2021). Global landscape of climate finance 2021. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2021/10/Full-report-Global-Landscape-of-Climate-Finance-2021.pdf. Accessed 02 February 2022.

Dasgupta. P, (2021). The economics of biodiversity: The Dasgupta review. HM Treasury, London. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/962785/The_Economics_of_Biodiversity_The_Dasgupta_Review_Full_Report.pdf. Accessed 02 March 2021.

EFRAG. (2021). Proposals for a relevant and dynamic EU sustainability reporting standard-setting. European Financial Reporting Advisory Group. https://www.efrag.org/Activities/2105191406363055/Sustainability-reporting-standards-interim-draft. Accessed 02 February 2022.

Ellerman, A. D., Convery, J. F., & De Perthius, C. (2010). Pricing carbon: The European Union emissions trading scheme. Cambridge University Press.

ESA. (2021). ESA’s annual space environment report. European Space Agency. https://www.sdo.esoc.esa.int/environment_report/Space_Environment_Report_latest.pdf. Accessed 02 February 2022.

EU. (2018). Action plan: Financing sustainable growth. European Commission. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0097. Accessed 02 February 2021.

EU. (2019). European Commission (2019). Guidelines on non-financial reporting: Supplement on reporting climate related information. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52019XC0620(01)&from=EN. Accessed 02 February 2022.

EU. (2020a). Sustainable finance taxonomy–Regulation (EU) 2020a/852. European Commission. https://ec.europa.eu/info/law/sustainable-finance-taxonomy-regulation-eu-2020a-852_en. Accessed 02 February 2022.

EU. (2020b). Renewed sustainable finance strategy and implementation of the action plan on financing sustainable growth. European commission. https://ec.europa.eu/info/publications/sustainable-finance-renewed-strategy_en. Accessed 02 February 2022.

EU. (2022). EU taxonomy for sustainable activities. European Commission. https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/eu-taxonomy-sustainable-activities_en. Accessed 12 February 2022.

EU TEG. (2019). On climate benchmarks and benchmarks’ ESG disclosures. European Union Technical Expert Group. https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/190930-sustainable-finance-teg-final-report-climate-benchmarks-and-disclosures_en.pdf. Accessed 06 June 2021.

Fancy, T. (2021). The secret diary of a ‘Sustainable Investor’. Medium. https://medium.com/%40sosofancy/the-secret-diary-of-a-sustainable-investor-part-3-3c238cb0dcbf. Accessed 02 February 2022.

FCA. (2021a). NatWest fined £264.8 million for anti-money laundering failures. Press Releases. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures. Accessed 02 February 2022.

FCA. (2021b). FCA fines HSBC Bank plc £63.9 million for deficient transaction monitoring controls. Press Releases. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-bank-plc-deficient-transaction-monitoring-controls. Accessed 02 February 2022.

FCA. (2021c). Credit Suisse fined £147,190,276 (US$200,664,504) and undertakes to the FCA to forgive US$200 million of Mozambican debt. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/credit-suisse-fined-ps147190276-us200664504-and-undertakes-fca-forgive-us200-million-mozambican-debt. Accessed 02 February 2022.

FCA. (2021d). FCA fines LBGI £90 million for failures in communications for home insurance renewals between 2009 and 2017. Financial Conduct Authority. https://www.fca.org.uk/news/press-releases/fca-fines-lbgi-90-million-failures-communications-home-insurance-renewals-2009-2017. Accessed 02 February 2022.

FFTF. (2011). The Five Capitals—A framework for sustainability. Forum for the Future. https://www.forumforthefuture.org/the-five-capitals. Accessed 02 February 2021.

Friede. G., Busch, T., & Bassen, A. (2015) ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://www.tandfonline.com/doi/full/https://doi.org/10.1080/20430795.2015.1118917. Accessed 02 February 2022.

FSB. (2021a). 2021a Status report: Task force on climate-related financial disclosures. Financial Stability Board. https://www.fsb.org/wp-content/uploads/P141021-1.pdf. Accessed 02 February 2022.

FSB. (2021b). Climate-related risks. Financial Stability Board. https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/climate-related-risks/ Accessed 02 February 2022.

Gibson, R., Krueger, P., Schmidt, P. (2020). ESG rating disagreement and stock returns. Swiss Finance Institute Research Working Paper No. 651/2020. Forthcoming in Financial Analyst Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3433728. Accessed 02 February 2022.

GIIN. (2016). The business value of impact measurement. Global Impact Investing Network. https://thegiin.org/assets/GIIN_ImpactMeasurementReport_webfile.pdf. Accessed 24 December 2020.

GIIN. (2020). Methodology: For standardizing and comparing impact performance. Global Impact Investing Network. https://thegiin.org/assets/Methodology%20for%20Standardizing%20and%20Comparing%20Impact%20Performance_webfile.pdf. Accessed 02 February 2022.

Gonçalves, P. (2021). Only 0.5% of $27trn global funds assets are Paris-aligned. Investment Week. https://www.investmentweek.co.uk/news/4039267/usd27trn-global-funds-assets-paris-aligned. Accessed 02 February 2022.

GRI. (2021). GRI standards. Global reporting initiative. https://www.globalreporting.org/how-to-use-the-gri-standards/gri-standards-english-language/. Accessed 14 February 2022.

HBS-IWA. (2022). Harvard Business school impact weighted accounts. Harvard Business School. https://www.hbs.edu/impact-weighted-accounts/Pages/default.aspx. Accessed 02 March 2022.

HBS-VBA. (2022). Harvard Business School impact-weighted accounts and value balancing alliance joint statement. https://www.hbs.edu/impact-weighted-accounts/Documents/PI_HBS%20IWA-VBA_Joint%20Statement%20.pdf. Accessed 28 March 2022.

HM Government. (2019). Environmental reporting guidelines: Including streamlined energy and carbon reporting guidance. The National Archives. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/850130/Env-reporting-guidance_inc_SECR_31March.pdf. Accessed 06 June 2021.

HSBC-BCG. (2021). Delivering net zero supply chains: The multi-trillion dollar key to beat climate change. Boston Consulting Group and HSBC. https://www.hsbc.com/-/files/hsbc/news-and-insight/2021/pdf/211026-delivering-net-zero-supply-chains.pdf?download=1. Accessed 02 February 2022.

ICAEW. (2021). Knowledge guide to UK accounting standards. Institute of Chartered Accountants in England and Wales. https://www.icaew.com/library/subject-gateways/accounting-standards/knowledge-guide-to-uk-accounting-standards. Accessed 02 February 2022.

IEA. (2017). Energy technology perspectives 2017: Catalysing energy technology transformations. International Energy Agency. https://iea.blob.core.windows.net/assets/a6587f9f-e56c-4b1d-96e4-5a4da78f12fa/Energy_Technology_Perspectives_2017-PDF.pdf. Accessed 02 February 2021.

IEA. (2021). Net Zero by 2050: A roadmap for the global energy sector. International Energy Agency. https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf. Accessed 02 February 2022.

IFRS. (2021). IFRS Foundation announces International Sustainability Standards Board. https://www.ifrs.org/news-and-events/news/2021/11/ifrs-foundation-announces-issb-consolidation-with-cdsb-vrf-publication-of-prototypes/ . Accessed 02 February 2022.

II. (2019). Framework for impact statements: Beta version. The Impact Institute. https://www.impactinstitute.com/wp-content/uploads/2019/04/Framework-for-Impact-Statements-Beta-1.pdf. Accessed 02 February 2021.

IIRC. (2013). Capitals—Background paper for <IR>. The technical task force of the International Integrated Reporting Council. The Technical Collaboration Group. https://www.integratedreporting.org/wp-content/uploads/2013/03/IR-Background-Paper-Capitals.pdf. Accessed 02 February 2021.

IIRC. (2021). International <IR> Framework. The International Integrated Reporting Council. https://www.integratedreporting.org/wp-content/uploads/2021/01/InternationalIntegratedReportingFramework.pdf. Accessed 02 February 2022

IMP. (2016). Impact management norms. Impact Management Project. https://impactmanagementproject.com/impact-management/impact-management-norms/. Accessed 02 February 2021.

Inderst, G., & Stewart, F. (2018). Incorporating Environmental, Social, and Governance (ESG) factors into fixed income investment. World Bank Group.CrossRef

ILB, et al., (2020). The alignment cookbook—A technical review of methodologies assessing a portfolio’s alignment with low-carbon trajectories or temperature goal. Institut Louis Bachelier, Institute for Climate Economics, World Wildlife Fund, Ministere De La Transition Ecologique et Solidaire. https://www.institutlouisbachelier.org/wp-content/uploads/2021/03/the-alignment-cookbook-a-technical-review-of-methodologies-assessing-a-portfolios-alignment-with-low-carbon-trajectories-or-temperature-goal.pdf. Accessed 02 February 2022.

IPBES. (2019). The global assessment report on Biodiversity and Ecosystem Services. Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. https://ipbes.net/system/files/2021-06/2020%20IPBES%20GLOBAL%20REPORT%28FIRST%20PART%29_V3_SINGLE.pdf Accessed 02 February 2021.

IPCC. (1988). IPCC history. https://www.ipcc.ch/about/history/. Intergovernmental Panel on Climate Change. Accessed 02 February 2022.

IPCC. (2013). Climate change 2013: The physical science basis. Summary for policymakers. Intergovernmental Panel on Climate Change. https://www.ipcc.ch/site/assets/uploads/2018/03/WG1AR5_SummaryVolume_FINAL.pdf. Accessed 02 February 2021.

IPCC. (2018a). Summary for policymakers. In: Global Warming of 1.5°C. An IPCC Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty. IPCC. https://www.ipcc.ch/site/assets/uploads/sites/2/2019/05/SR15_SPM_version_report_LR.pdf. Accessed 02 February 2022.

IPCC. (2018b). Mitigation pathways compatible with 1.5°C in the context of sustainable development. Intergovernmental Panel on Climate Change. https://www.ipcc.ch/site/assets/uploads/2018b/11/sr15_chapter2.pdf. Accessed 02 February 2021.

IPCC. (2021). Climate change 2021: The physical science basis. IPCC. https://www.ipcc.ch/report/ar6/wg1/downloads/report/IPCC_AR6_WGI_SPM_final.pdf. Accessed 02 February 2022.

IPCC. (2022). Climate change 2022: Impacts, adaptation and vulnerability. Summary for policymakers. Intergovernmental Panel on Climate Change. https://report.ipcc.ch/ar6wg2/pdf/IPCC_AR6_WGII_SummaryForPolicymakers.pdf. Accessed 28 February 2022.

Jackson, E. T. (2013). Interrogating the theory of change: Evaluating impact investing where it matters most. Journal of Sustainable Finance & Investment, 3(2), 95–110. https://doi.org/10.1080/20430795.2013.776257. Accessed 02 February 2021.

MEA. (2003). Ecosystems and human well-being: A framework for assessment. Millennium Ecosystem Assessment. Washington, D.C.: Island Press. http://pdf.wri.org/ecosystems_human_wellbeing.pdf. Accessed 02 February 2021.

McKinsey, G. I. (2022). The net-zero transition: What it would cost, what it could bring. Mckensey Global Institute. https://www.mckinsey.com/~/media/mckinsey/business%20functions/sustainability/our%20insights/the%20net%20zero%20transition%20what%20it%20would%20cost%20what%20it%20could%20bring/the%20net-zero%20transition-report-january-2022-final.pdf. Accessed 14 February 2022.

MSCI. (2020). MSCI ESG rating methodology. MSCI ESG Research. https://www.msci.com/documents/1296102/21901542/MSCI+ESG+Ratings+Methodology+-+Exec+Summary+Nov+2020.pdf. Accessed 02 February 2021.

MSCI. (2018). MSCI carbon footprint index ratios methodology. MSCI. https://www.msci.com/documents/1296102/6174917/MSCI+Carbon+Footprint+Index+Ratio+Methodology.pdf/. Accessed 02 February 2022.

NASA. (2021). Space debris and human spacecraft. National. National Aeronautics and Space Administration. https://www.nasa.gov/mission_pages/station/news/orbital_debris.html. Accessed 02 February 2022.

Nusseibeh, S. (2017). The why question. The 300 Club. https://www.the300club.org/wp-content/uploads/2018/10/whitepapers-the-why-question.pdf. Accessed 02 May 2017.

PRI. (2016). A practical guide to ESG integration for equity investing. Principles of Responsible Investing. https://www.unpri.org/download?ac=10. Accessed 02 February 2022.

PRI. (2020). PRI annual report. Principles of Responsible Investment. https://www.unpri.org/download?ac=10948. Accessed 06 June 2021.

Ratsimiveh, K., Hubert, P., Lucas-Leclin, V., Nicolas, E. (2020). ESG scores and beyond Part 1—Factor control: Isolating specific biases in ESG ratings. FTSE Russell. https://content.ftserussell.com/sites/default/files/esg_scores_and_beyond_part_1_final_v02.pdf. Accessed 02 February 2022.

Ratsimiveh, K., Haalebos, R. (2021). ESG scores and beyond Part 2—Contribution of themes to ESG Ratings: A statistical assessment. FTSE Russell. https://content.ftserussell.com/sites/default/files/esg_scores_and_beyond-part_2_final.pdf. Accessed 02 February 2022.

Read, C. (1898). Logic: Deductive and inductive. Simpkin, Marshall, Hamilton, Kent & CO, London. The Project Gutenberg EBook. https://www.gutenberg.org/files/18440/18440-h/18440-h.htm. Accessed 02 February 2021.

Reeder, N., Colantonio, A., Loder, J., Jones, G. R. (2015). Measuring impact in impact investing: An analysis of the predominant strength that is also its greatest weakness. Journal of Sustainable Finance & Investment, 5(3), 136–154. https://www.tandfonline.com/doi/full/https://doi.org/10.1080/20430795.2015.1063977. Accessed 02 February 2021.

Refinitiv. (2021). Environmental, social, and governance scores from Refinitiv. Refintiv. https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf. Accessed 02 February 2022.

SASB. (2020a). SASB implementation supplement: Greenhouse gas emissions and SASB standards. Sustainability Accounting Standards Board. https://www.sasb.org/wp-content/uploads/2020a/10/GHG-Emmissions-100520.pdf. Accessed 02 February 2022.

SASB. (2020b). SASB human capital bulletin. Sustainability Accounting Standards Board. https://www.sasb.org/wp-content/uploads/2020b/12/HumanCapitalBulletin-112320.pdf. Accessed 02 February 2022

SASB. (2020c). Proposed changes to the SASB conceptual framework & rules of procedure—Bases for conclusions and invitation to comment. Sustainability Accounting Standards Board. https://www.sasb.org/wp-content/uploads/2021/07/PCP-package_vF.pdf. Accessed 02 February 2022.

SASB. (2021). SASB standards. Sustainability accounting standards board. https://www.sasb.org/standards/download/. Accessed o2 February 2022.

SASB. (2022). SASB standards & other ESG frameworks. SASB. https://www.sasb.org/about/sasb-and-other-esg-frameworks/. Accessed 03 March 2022.

SEBTi. (2022). Financial sector science-based targets guidance. Science Based Targets Initiative. https://sciencebasedtargets.org/resources/files/Financial-Sector-Science-Based-Targets-Guidance.pdf. Accessed 14 February 2022.

SBTi. (2021). Business ambition for 1.5°C: Responding to the climate crisis. Science Based Targets Initiative. https://sciencebasedtargets.org/resources/files/status-report-Business-Ambition-for-1-5C-campaign.pdf. Accessed 02 February 2022.

SEC. (2022). SEC proposes rules to enhance and standardize climate-related disclosures for investors. US Securities and Exchange Commission. https://www.sec.gov/news/press-release/2022-46. Accessed 21 March 2022.

SEEA. (2014). System of environmental economic accounting 2012—Central framework. United Nations, European Commission, International Monetary Fund, The World Bank, OECD, FAO. https://unstats.un.org/unsd/envaccounting/seeaRev/SEEA_CF_Final_en.pdf. Accessed 02 February 2021.

Serafeim, G., Trinh, K. (2020). A framework for product impact-weighted accounts. Harvard Business School Working Paper 20-076. https://www.hbs.edu/impact-weighted-accounts/Documents/Preliminary-Framework-for-Product-Impact-Weighted-Accounts.pdf. Accessed 02 February 2022.

Sherwood, W. M., & Pollard, J. (2019). Responsible investing: An introduction to environmental, social and governance investments. Routledge.

SIIT. (2014). Measuring impact. The social impact investment taskforce. https://www.gov.uk/government/groups/social-impact-investment-taskforce or https://thegiin.org/research/publication/measuring-impact. Accessed 02 February 2022.

Smolin, L. (2006). The trouble with physics. Penguin Books.

Spiess-Knafl, W., & Scheck, B. (2017). Impact investing: Instruments, mechanisms and actors. Palgrave Macmillan.

S&P Global. (2022a). The sustainability yearbook 2022a. S&P Global. https://www.spglobal.com/esg/csa/yearbook/2022a/downloads/spglobal_sustainability_yearbook_2022a.pdf. Accessed 12 February 2022a.

S&P Global. (2022b). S&P Global ESG scores methodology. Sustainable 1. S&P Global. https://www.spglobal.com/esg/documents/sp-global-esg-scores-methodology.pdf. Accessed 28 March 2022b.

TEEB. (2010). The economics of ecosystems and biodiversity: Mainstreaming the economics of nature: A synthesis of the approach, conclusions and recommendations of TEEB. http://www.teebweb.org/wp-content/uploads/Study%20and%20Reports/Reports/Synthesis%20report/TEEB%20Synthesis%20Report%202010.pdf. Accessed 02 February 2021.

TCFD. (2017). Final report: Recommendations of the task force on climate-related financial disclosures. https://assets.bbhub.io/company/sites/60/2020/10/FINAL-2017-TCFD-Report-11052018.pdf. Accessed 02 February 2021.

TCFD. (2021a). Forward looking financial metrics consultation. Task Force on Climate-related Financial Disclosures. https://assets.bbhub.io/company/sites/60/2021/03/Summary-of-Forward-Looking-Financial-Metrics-Consultation.pdf. Accessed 02 February 2022.

TCFD. (2021b). Proposed guidance on climate-related metrics, targets, and transition plans. Task Force on Climate-related Financial Disclosures. https://assets.bbhub.io/company/sites/60/2021b/05/2021b-TCFD-Metrics_Targets_Guidance.pdf. Accessed 01 January 2022.

TCFD-PAT. (2020). Measuring portfolio alignment. https://www.tcfdhub.org/wp-content/uploads/2020/10/PAT-Report-20201109-Final.pdf . Accessed 02 February 2022.

TCFD-PAT. (2021). Measuring portfolio alignment: Technical considerations. https://www.tcfdhub.org/wp-content/uploads/2021/10/PAT_Measuring_Portfolio_Alignment_Technical_Considerations.pdf. Accessed 12 December 2021.

Then, V., Schober, C., Rauscher, O., & Kehl, K. (2017). Social return on investment analysis. Palgrave Macmillan.CrossRef

TNFD. (2021a). Taskforce on nature-related financial disclosures. https://tnfd.global/. Accessed 02 February 2022.

TNFD. (2021b). Nature in scope: A summary of the proposed scope, governance, work plan, communication and resourcing plan of the TNFD. Taskforce on Nature-related Financial Disclosures. https://tnfd.global/wp-content/uploads/2021b/07/TNFD-Nature-in-Scope-2.pdf. Accessed 02 February 2022.

TNFD. (2021c). Proposed technical scope: Recommendations for the TNFD. Taskforce on Nature-related Financial Disclosures. https://tnfd.global/wp-content/uploads/2021c/07/TNFD-%E2%80%93-Technical-Scope-3.pdf. Accessed 02 February 2022.

TNFD. (2022). TNFD releases first beta version of nature-related risk management framework for market consultation. Taskforce on Nature-Related Financial Disclosures. https://tnfd.global/news/tnfd-releases-first-beta-framework/. Accessed 16 March 2022.

UBS-RI. (2022). The responsible investor ESG yearbook 2022. Responsible Investor, UBS AG. https://www.esg-data.com/product-page/esg-yearbook-2022. Accessed 12 February 2022.

UK POST. (2022). POST note: Financial risks of nature loss. The Parliamentary Office of Science and Technology. https://researchbriefings.files.parliament.uk/documents/POST-PN-0667/POST-PN-0667.pdf. Accessed 20 March 2022.

UN. (2016). The sustainable development agenda. United Nations Sustainable Development Goals. https://www.un.org/sustainabledevelopment/development-agenda-retired/. Accessed 12 June 2020.

UN. (2020). The sustainable development goals report. United Nations. https://unstats.un.org/sdgs/report/2020/The-Sustainable-Development-Goals-Report-2020.pdf. Accessed 06 June 2021.

UNEP. (2018). Inclusive wealth report. United Nations Environment Program. https://wedocs.unep.org/bitstream/handle/20.500.11822/26776/Inclusive_Wealth_ES.pdf. Accessed 02 February 2021.

UNEPFI. (2021a). The climate risk landscape: A comprehensive overview of climate risk assessment methodologies. United Nations Environment Program Finance Initiative. https://www.unepfi.org/wordpress/wp-content/uploads/2021a/02/UNEP-FI-The-Climate-Risk-Landscape.pdf. Accessed 02 February 2022.

UNEPFI. (2021b). UNEPFI webpage on principles of responsible banking. https://www.unepfi.org/banking/bankingprinciples/. Accessed 02 February 2022.

UNEPFI. (2022). PRB signatories. UN Environment Program Finance Initiative. https://www.unepfi.org/banking/bankingprinciples/prbsignatories/. Accessed 22 February 2022.

UNFCCC. (2021). COP 26 and the Glasgow Financial Alliance for Net Zero (GFANZ). https://racetozero.unfccc.int/wp-content/uploads/2021/04/GFANZ.pdf. Accessed 02 February 2022.

UNFCCC. (2020). Cities, regions and businesses race to zero emissions. UNFCCC. https://unfccc.int/news/cities-regions-and-businesses-race-to-zero-emissions. Accessed 02 February 2021.

UNFCCC. (2015). Paris agreement. United Nations Framework Convention on Climate Change. https://unfccc.int/sites/default/files/english_paris_agreement.pdf. Accessed 02 December 2020.

US Congress. (2008). Testimony of Dr. Alan Greenspan. House hearing. The financial crisis and the role of federal regulators. https://www.govinfo.gov/content/pkg/CHRG-110hhrg55764/html/CHRG-110hhrg55764.htm. Accessed 02 February 2021.

VBA. (2021a). VBA disclosure concept for material sustainability matters. Value Balancing Alliance. https://www.value-balancing.com/_Resources/Persistent/7/2/a/2/72a28deeed4e259bc414148b2660e631e0dfe3d3/VBA_Disclosure_Concept.pdf. Accessed 02 February 2022.

VBA. (2021b). Methodology—Impact statement. Value Balancing Alliance. https://www.value-balancing.com/_Resources/Persistent/2/6/e/6/26e6d344f3bfa26825244ccfa4a9743f8299e7cf/2021a0210_VBA%20Impact%20Statement_GeneralPaper.pdf. Accessed 12 December 2021a.

VBA. (2021c). Methodology—Impact statement: Extended input-output modelling. Value Balancing Alliance. https://www.value-balancing.com/_Resources/Persistent/0/f/9/1/0f919b194b89a59d3f71bd820da3578045792e2c/2021b0526_VBA%20Impact%20Statement_InputOutput%20Modelling.pdf. Accessed 12 December 2021b.

WRI & WBCSD. (2004). A corporate accounting and reporting standard. World Resources Institute and World Business Council for Sustainable Development. https://ghgprotocol.org/sites/default/files/standards/ghg-protocol-revised.pdf. Accessed 02 February 2021.

WRI & WBCSD. (2011). Corporate Value Chain (Scope 3) accounting and reporting standard. World Resources Institute and World Business Council for Sustainable Development. https://ghgprotocol.org/sites/default/files/standards/Corporate-Value-Chain-Accounting-Reporing-Standard_041613_2.pdf. Accessed 02 February 2021.

Titel: Sustainable Finance: Frameworks Without Value Equations
verfasst von: Armen V. Papazian
Verlag: Palgrave Macmillan UK
Buch: The Space Value of Money
Print ISBN: 978-1-137-59487-7

Electronic ISBN: 978-1-137-59489-1

Copyright-Jahr: 2022
DOI: https://doi.org/10.1057/978-1-137-59489-1_3